Bank of America Corp DE Has $15.06 Million Stake in SkyWest, Inc. $SKYW

Key Points

• Bank of America increased its SkyWest stake by 14.4% in the first quarter, holding 164,012 shares worth approximately $15.06 million, or 0.41% of the company. Institutional investors collectively own 81.3% of SkyWest.
• SkyWest reported quarterly EPS of $2.54, below the $2.70 analyst consensus, while revenue rose 6.5% year over year to $1.10 billion. The company also authorized a $250 million share-repurchase program, covering up to 6.6% of outstanding shares.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $119.40, although ratings are mixed. Meanwhile, insiders sold 115,226 shares worth about $12.86 million over the past 90 days.

Bank of America Corp DE boosted its holdings in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 14.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 164,012 shares of the transportation company's stock after buying an additional 20,667 shares during the period. Bank of America Corp DE owned about 0.41% of SkyWest worth $15,061,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. California State Teachers Retirement System lifted its holdings in shares of SkyWest by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 11,165 shares of the transportation company's stock worth $1,150,000 after acquiring an additional 87 shares during the period. Maryland State Retirement & Pension System boosted its holdings in SkyWest by 1.7% during the fourth quarter. Maryland State Retirement & Pension System now owns 5,901 shares of the transportation company's stock valued at $593,000 after purchasing an additional 96 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in SkyWest by 1.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,192 shares of the transportation company's stock valued at $923,000 after purchasing an additional 100 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in shares of SkyWest by 4.2% in the 2nd quarter. Canada Pension Plan Investment Board now owns 2,500 shares of the transportation company's stock valued at $257,000 after purchasing an additional 100 shares during the period. Finally, CWM LLC grew its stake in shares of SkyWest by 1.7% in the 4th quarter. CWM LLC now owns 6,601 shares of the transportation company's stock valued at $663,000 after purchasing an additional 108 shares during the period. Institutional investors own 81.30% of the company's stock.

SkyWest Trading Down 1.6%

SKYW stock opened at $100.79 on Friday. The business has a fifty day moving average price of $101.33 and a 200 day moving average price of $95.63. SkyWest, Inc. has a fifty-two week low of $77.89 and a fifty-two week high of $123.94. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of 10.02, a P/E/G ratio of 1.47 and a beta of 1.46. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.57 and a quick ratio of 0.46.

SkyWest (NASDAQ:SKYW - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The transportation company reported $2.54 EPS for the quarter, missing analysts' consensus estimates of $2.70 by ($0.16). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. SkyWest had a return on equity of 14.58% and a net margin of 9.78%.SkyWest's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.91 EPS. Analysts expect that SkyWest, Inc. will post 10.69 EPS for the current fiscal year.

SkyWest announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 23rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the transportation company to buy up to 6.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently commented on SKYW shares. Weiss Ratings raised SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 16th. The Goldman Sachs Group lowered SkyWest from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $126.00 to $115.00 in a research note on Thursday, July 2nd. Citigroup lifted their price objective on SkyWest from $95.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Finally, TD Cowen boosted their target price on shares of SkyWest from $98.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, SkyWest currently has an average rating of "Moderate Buy" and an average price target of $119.40.

Insiders Place Their Bets

In other SkyWest news, VP Greg Wooley sold 17,726 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $108.55, for a total transaction of $1,924,157.30. Following the sale, the vice president owned 53,323 shares of the company's stock, valued at $5,788,211.65. This represents a 24.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Wade J. Steel sold 22,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $111.44, for a total transaction of $2,451,680.00. Following the completion of the sale, the insider owned 55,438 shares of the company's stock, valued at $6,178,010.72. The trade was a 28.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 115,226 shares of company stock valued at $12,855,192. 1.50% of the stock is owned by corporate insiders.

About SkyWest

SkyWest, Inc NASDAQ: SKYW is a regional airline holding company that provides air transportation services through its primary subsidiary, SkyWest Airlines. The company operates flights under capacity purchase agreements with major carriers such as United Airlines, Delta Air Lines, American Airlines and Alaska Airlines. By specializing in regional connectivity, SkyWest links smaller communities to larger hubs using a fleet of regional jets and turboprop aircraft.

Headquartered in St. George, Utah, SkyWest oversees all aspects of its airline operations, including flight scheduling, crew training and aircraft maintenance.

Want to see what other hedge funds are holding SKYW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SkyWest, Inc. (NASDAQ:SKYW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source